Ross Stores

Ross Stores, Inc.
Public
Traded as NASDAQ: ROST
NASDAQ-100 Component
S&P 500 Component
Industry Retail
Founded 1950 (1950)
Pacifica, California, U.S.
Founder Bill Isackson
Headquarters Dublin, California, U.S.
Key people
 Barbara Rentler, CEO
Products Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares.
Revenue Increase US$11.94 billion (FY 2015)
Increase US$1.61 billion (FY 2015)
Increase US$1.02 billion (FY 2015)
Total assets Increase US$4.87 billion (FY 2015)
Total equity Increase US$2.47 billion (FY 2015)
Number of employees
 77,800 (January 2016)[1]
Subsidiaries dd's Discounts
Website www.rossstores.com

Ross Stores, Inc., is an American chain of "off-price" (i.e., deeply discounted) department stores headquartered in Dublin, California,[2] officially operating under the brandname, Ross Dress for Less. It is the second-largest off-price retailer in the USA, behind TJX Companies.

As of August 2015 Ross operates 1,254 stores in 33 U.S. states, the District of Columbia and Guam,[3] covering much of the country, but with no presence in New England, New York, northern New Jersey, Alaska, and areas of the Midwest.[4]

History

A Ross store in Hillsboro, Oregon

Ross Department Store was first opened in San Bruno, California, in 1950 by Morris "Morrie" Ross. Morris would work 85 hours a week doing all of the buying and bookkeeping for his department store. In 1958 Ross sold his store to William Isaacson to become a residential and commercial real estate developer.[5]Isaacson built the company to six stores, located in San Bruno, Pacifica, Novato, Vacaville, Redwood City, and Castro Valley. In 1982 a group of investors, including Mervin Morris, founder of the Mervyns chain of department stores, purchased the six Ross Department Stores in San Francisco, changed the format to off-price retail units, and within three years rapidly expanded the chain to 107 stores under Stuart Moldaw and Don Rowlett.[6][7] By the end of 1995 the chain reached an annual sales of $1.4 billion with 292 stores in 18 states. By 2012 Ross reached $9.7 billion for the fiscal year with 1,091 stores in 33 states with an additional 108 for Dd's Discounts in 8 states.[8] Ross moved its headquarters from Newark to Pleasanton, California, in the Tri-Valley area, in 2003.

Barbara Rentler took the place of CEO Michael Balmuth on June 1, 2014, thereby becoming the 25th woman chief executive officer of a Fortune 500 company, Ross Stores.[9] Ross also moved its headquarters from Pleasanton to neighboring Dublin in 2014.[10]

See also

References

  1. ↑ "10-K". www.sec.gov.
  2. ↑ "Contact Us." Ross Stores. Retrieved on July 9, 2010.
  3. ↑ "Ross investor presentation dated November 2014, downloaded Feb. 15, 2015".
  4. ↑ rvl. "Ross locations & hours". www.storesinfo.com.
  5. ↑ Pimsleur, J.L. (December 5, 1997). "Obituary -- Morris Ross". San Francisco Chronicle. Retrieved October 10, 2011.
  6. ↑ "History of Ross Stores, Inc. – FundingUniverse". www.fundinguniverse.com.
  7. ↑ "Ross Stores, Inc. - Company Profile, Information, Business Description, History, Background Information on Ross Stores, Inc.". referenceforbusiness.com. referenceforbusiness. Retrieved June 21, 2014.
  8. ↑ "Overview: Historical Highlights". Ross Dress for Less. Retrieved June 21, 2014.
  9. ↑ Rupp, Lindsey (May 8, 2014). "Ross Stores’ Rentler to Be 25th Female CEO in Fortune 500". Bloomberg Business. Retrieved February 26, 2015.
  10. ↑ "Ross moving corporate headquarters to Dublin in 2014 - January 27, 2012 - Pleasanton Weekly - PleasantonWeekly.com -". www.pleasantonweekly.com.
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